Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessor Disclosure [Abstract]

Operating Lease - Schedule of Future Minimum Lease Receivable

Year	Amount
2026	$1,612,549
2027	1,500,507
2028	1,364,651
2029	1,267,782
2030	1,198,685
Thereafter	7,125,656
Total	$14,069,830

Net investment in direct financing and sales-type leases

The components of our aggregate net investment in our direct financing and sales-type leases as of December 31, 2025 and

2024 are summarized in the table below (in thousands):

	December 31,
	2025	2024
Gross investment in direct financing and sales-type leases	$265,839	$251,405
Less: unearned income on direct financing lease	(205,037)	(207,734)
Less: provision for expected credit losses	(1,817)	(2,168)
Net investment in leases	$58,985	$41,503

Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable

Future lease payments to be received under the terms of our direct financing and sales-type leases as of December 31, 2025

are outlined in the table below (in thousands):

Year	Total
2026	$18,446
2027	2,097
2028	2,160
2029	2,224
2030	2,291
Thereafter	238,621
Total	$265,839

Income from rentals

Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes

revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):

	Year Ended December 31,
	2025	2024	2023
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases	$2,889,721	$3,005,137	$2,802,567
Direct financing and sales-type leases	4,496	2,653	2,608
Revenues subject to the lease accounting standard	2,894,217	3,007,790	2,805,175
Revenues subject to the revenue recognition accounting standard	50,958	41,916	37,281
Income from rentals	$2,945,175	$3,049,706	$2,842,456

Summary of deferred leasing costs

The following table summarizes our deferred leasing costs as of December 31, 2025 and 2024 (in thousands):

	December 31,
	2025	2024
Deferred leasing costs	$1,054,765	$1,061,924
Accumulated amortization	(596,454)	(575,965)
Deferred leasing costs, net	$458,311	$485,959

Lessee Disclosure [Abstract]

Operating Lease - Schedule of Future Minimum Lease Payable

The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating

lease liability reflected in our consolidated balance sheet as of December 31, 2025 is in the table below (in thousands):

Year	Total
2026	$22,768
2027	21,849
2028	21,517
2029	21,024
2030	20,744
Thereafter	665,496
Total future payments under our operating leases in which we are the lessee	773,398
Effect of discounting	(412,855)
Operating lease liability	$360,543

Lesee operating costs

For the years ended December 31, 2025, 2024, and 2023, our costs for operating leases in which we are the lessee were as

follows (in thousands):

	Year Ended December 31,
	2025	2024	2023
Gross operating lease costs	$45,965	$40,740	$39,879
Capitalized lease costs	(2,949)	(1,780)	(5,544)
Expenses for operating leases in which we are the lessee	$43,016	$38,960	$34,335